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's a little code put into the tax law in the late 1970s called the 401(k), and these high end executives have the right to put money aside on a tax deferred basis. no one thinks anything of this except for one man, an attorney, and he said why should it just be high end executives? you have to see all of us. they get the administration to agree with his view point on this, and this takes place by the time of the early 1980s, and then the next part, which almost nobody foresaw is the idea that, wait a minute, we don't have to give people pensions, do we? these 401(k)s are really could substitute for a pension, and this is where the corporate cost cutters creep in, and hey, even if you match at 6%, it's cheaper than funding a pension, and, besides, a lot of people won't sign up anyway, don't worry about the 6%. slowly, but surely, over a period of many years, the numbers drift down to where we are today. >> host: and, of course, this was happening while the stock market was just raging through the 80s and 90s, and people thought they were forever going to get 25% returns a year. >> guest: corre
stream. >> host: . there is no law that puts this out to be presented dominating assembling the the car resembling to do so you have these mailers were the papers are presented to you and it is 20 pages and in teeny tiny type and its and most people at 65 aren't reading that to read who is reading it any way? i'm not reading it are you? nobody knows. and the data shows again depending on the survey, two-thirds to 90% of us don't even know how a person is being paid which tells you right now that you're being charged a commission because if you're paying them by the hour the chances are incredible kid is a substantive and positive in the last few years to help consumers with financial products? >> guest: they are making it clear how long will it take you to pay off your credit card. hilariously that doesn't seem to have helped anybody and one of the problems is disclosure to the people are seeing on their credit card but if you pay the minimum it will take you two years, ten years. and they are going okay. instead of saying i should look at that as an incentive to pay off. so you are see
that part of it comes from if you put one of the laws of school education is that white children are an inferior schools. >> host: there's action. >> guest: there's action and that is one of the things about this segregation is that many black parents understand if they get their kids into school with white kids they have leverage. one of the problems is the way in which we went about desegregation is that i agree we should have had -- that kid should have been allowed to go to central high school but what about the 900 of the first bill in the all blacks cool? what is being done to make sure that their education as equal because that would have cost a lot of money and a lot of resources and that is where the nation failed. yes we need to break down the racial barriers and make it possible to have an all white school but that still doesn't happen to deal with the problems that happen. >> host: in boston in the 70's some of it, the busing in michael foot court-ordered busing. we didn't allow our children to go to school with white kids because we wanted to integrate. they go to th
of the war in iraq and that was a pariah. while in law school and other interesting thing happened. in one of my summers in new york while i was out one night with friends drinking and playing a pool the topic of the politics came up, and one of my friends whose politics i was not acquainted with instructed me to get the conversation explaining how she doesn't like to talk politics with friends because they always end up offended. so i thought about that statement for the second. then i realized that in new york a few or offending people, as i sometimes tend to do, you must be republican. and thus began my political friendship s.e.. now you can find us on bookshelves throughout the country, we continue to hold minority views and towns in new york that times renders us on the popular. for instance we are both still unapologetically supportive of the president. we would intend to vote for and campaign for john mccain to be a summit brings me to the question of why should you -- what should you buy your book and read our book cracks [phone ringing] thanks mom. [laughter] particularly if you d
stream frankly. >> host: you often don't know what the commission is. >> there is no law that it has to be presented. if you have this 20 pages single spaced tiny type most are not reading it without there reading glasses anyway. i'm not reading and. are you? nobody does. the survey data shows depending on the survey two-thirds to not know how a person is being paid which tells you right there you are charged a commission. >> host: since 2008 there is a lot of talk about regulatory changes anything substantive to help consumers of financial products? >> has been some. >> host: stuff and one is to make it clear how long it takes to pay off your credit card. but that doesn't seem to help anybody. the problem is disclosure people see on their credit card if he paid the minimum it will take 10 years and they say okay instead of i should look at that as the incentives. more people are questioning the system sometimes they just pull out of the stock market altogether. and we know the figures with the exception of maybe six weeks more people took more money out and planted in. maybe that is
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